Seattle Housing Market Watch: Buyers Gain Leverage as Summer Slowdown Begins

We’re back with another Seattle Housing Market Watch, and the latest numbers continue to show the market shifting earlier than usual into a more balanced summer pattern. If you caught the recent monthly market update, you already know that conditions have been cooling for several months—but the pace of that slowdown has picked up in recent weeks. For buyers, this is welcome news. For sellers, it means adjusting expectations as we move away from the intense competition that defined the start of the year.

Multiple-offer situations are becoming less common, homes selling over asking are declining, and sellers are now more open to concessions, including financing and inspection contingencies, closing-cost help, and even price reductions. Earlier in the year these options were rarely on the table, but today’s market is offering buyers more negotiating power than they’ve had in quite some time.

New listings remain strong. King and Snohomish counties added 924 new single-family listings this week—slightly below last week’s total but significantly higher than the roughly 800 new listings that came on during the same week last year. This influx of inventory is one of the biggest drivers of the current cooldown, giving buyers a breather and expanding their choices earlier than usual.

Buyer activity remains solid, with 926 homes going under contract this week—more than the number of new listings. However, pendings still aren’t keeping pace with the total amount of inventory hitting the market. That imbalance continues to build supply, leading to longer days on market and more room for negotiation on both price and contingencies.

For nearly a decade, the Seattle area has been a market where buyers were often forced to accommodate whatever terms the seller demanded in order to win the home. Now, with competition easing, buyers can negotiate more confidently. As an agent, it’s refreshing to shift from simply “winning the house” to helping clients secure more favorable terms.

In King County, the median sales price reached $982,875 this week—up slightly from last week. Homes sold for an average of 99% of list price for the second week in a row. While that number appears strong, it’s part of a clear downward trend: the past several weeks have hovered between 98% and 99%, signaling that June may be the first month of 2025 where homes sell on average below asking price. This shift is directly tied to reduced competition. Even though King County saw a small uptick in multiple-offer situations this week (29% vs. 25% last week), these numbers remain well below what we saw earlier in the spring. Escalation clauses increased slightly as well, but still represent just 11% of offers. Financing and inspection contingencies, however, remain common, reinforcing the broader move toward a balanced market.

Snohomish County is showing the same cooling trend—and slightly faster. Median sales price rose to $794,500 this week, while homes sold for 99% of asking price on average. Multiple-offer scenarios fell to 24% from 26%, and escalation clauses dropped sharply from 13% to 9%. Financing contingencies increased to 81%, one of the highest levels we’ve seen recently, although inspection contingencies dipped slightly. Overall, Snohomish County continues to lean more heavily toward a buyer-friendly environment as summer approaches.

Looking ahead, both counties appear poised for a slower summer market, possibly even softer than previous years due to elevated inventory and typical seasonal buyer drop-off. This creates clear opportunities for buyers—especially on homes that have been sitting for a while. Many will have room for negotiation on both price and terms, allowing buyers to make offers that fit their needs rather than ones that cater exclusively to sellers.

For sellers, the outlook remains positive. Prices are still near all-time highs, and well-prepared homes continue to attract solid interest. However, the days of frequent bidding wars are fading for now, and pricing strategy is becoming increasingly important.

Mortgage rates continue to hold steady near 7%, with Mortgage News Daily reporting 6.95% this week. Rates have barely moved all year, and buyers appear less willing to push prices higher with rates at this level. Instead, they’re aiming to keep purchase prices stable—or negotiate them down—when supply is increasing.

If you have questions about buying or selling in the greater Seattle area or want help navigating the shifting market, I’d be happy to be a resource for you. And if you found this update helpful, feel free to share it with someone who might benefit.